• 5 minutes Covid-19 logarithmic growth
  • 8 minutes Why Trump Is Right to Re-Open the Economy
  • 12 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 14 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 1 min Which producers will shut in first?
  • 2 hours The Most Annoying Person You Have Encountered During Lockdown
  • 5 hours Its going to be an oil bloodbath
  • 18 hours We are witnesses to the end of the petroleum age
  • 1 hour Saudi Aramco struggling to raise money for this year's dividend of $75 billion. Now trying to sell their pipelines for $10 billion.
  • 25 mins Russia's Rosneft Oil Company announces termination of its activity in Venezuela
  • 23 hours Breaking News - Strategic Strikes on Chinese Troll Farms
  • 1 hour How to Create a Pandemic
  • 8 hours Wastewater Infrastructure Needs
  • 33 mins Saudi Arabia Can't Endure $30 Oil For Long
  • 21 hours A New Solar-Panel Plant Could Have Capacity to Meet Half of Global Demand
  • 22 hours >>The falling of the Persian Gulf oil empires is near <<
Alt Text

Azerbaijan Could Soon Tap Its 410 Million Barrel Oil Reserves

Oil-dependent Azerbaijan is considering tapping…

Alt Text

Could Oil Really Fall To $0?

More bad news for the…

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Premium Content

EIA Lowers World Oil Demand Forecast Again

The US Energy Information Administration lowered on Tuesday its oil demand outlook for 2019 to 1 million barrels per day, according to Reuters.

The forecast comes on top of an oil market that already fears a slowing demand for crude.

The EIA cut its 2019 oil demand growth forecast by 70,000 bpd. Its 2020 forecast for global demand growth increased, however, by 30,000 bpd to 1.43 million barrels per day.

Oil was trading down again on Wednesday as the China/US trade war escalations hint at a slowing economy, which would dent oil demand. WTI was trading at $51.66 (-3.67%), while Brent crude was trading at $57.10 (-3.12%)—below the psychologically important $60 threshold. Today’s falling prices add to yesterday’s decline, which were off 3% as demand fears set in with China allowing its yuan to be devalued.

China’s oil demand growth makes up a fair amount of the global oil demand growth, so a slowdown in China’s consumption—or even the hint of one—is capable of depressing prices.

The IEA shares the EIA’s grim view of oil demand growth, forecasting a couple weeks ago that the oil demand growth would come in at 1.1 million bpd for 2019, in light of the trade dispute between the United States and China.

Lower prices at a time when OPEC is still curbing production, oil tankers are being seized near the Strait of Hormuz, and foreign countries are sending warships to protect their vessels are practically unheard of—but a global slowdown in demand growth and higher global oil inventories are more than offsetting supply fears.

The API is reported a draw in crude oil inventories this afternoon, but the bullish news could lift the sentiment on Tuesday, and prices continued to slide after the EIA reported a surprise build in commercial crude inventories on Wednesday morning.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage






Leave a comment
  • rudolf d&#039;Ecofacista on August 07 2019 said:
    The US Energy Information Administration lowered on Tuesday its oil demand outlook for 2019 to 1 million barrels per day...That is amazing ...98 million barrels less than in 2018 when the oil demand was 99 million barrels a day

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News